Surprise! Three-fourths of recent reduction in the federal debt has been in spending cuts!
Don’t tell your Republican friends about THIS; it’ll only confuse them:
When it comes to most of the major political disputes in Washington, congressional Republicans insist Democrats focus on reducing the debt Republicans built up during the Bush/Cheney era. It underpins everything from the budget fight to the debt ceiling to efforts to expand public investments.
What the debate tends to ignore is the debt reduction that’s already happened. Michael Linden and Michael Ettlinger reportedyesterday that since the start of 2011 fiscal year, President Barack Obama “has signed into law approximately $2.4 trillion of deficit reduction” over the next decade…
Roughly three-quarters of the deficit reduction has come is in the form of spending cuts, which should further make Republicans happy. And while the $2.4 trillion in savings will be spread out over the next 10 years, it’s also worth noting that the deficit has shrunkby $300 billion in Obama’s first term, and we’re in the midst of the fastest deficit reduction since the end of World War II.
The conventional wisdom suggests nothing is being done to address a perceived debt “crisis,” and that somehow Republicans have the high ground in demanding more and more cuts. It seems spectacularly insane to me to think the GOP has credibility on the subject given that it was Republicans who created the budget shortfall in the first place, but establishment assumptions are hard to shake.
Just as an aside, let’s also take a moment to compare administrations. Obama, in just the last two years, has accepted $2.4 trillion in debt reduction through multiple proposals. How many debt-reduction proposals did Republicans approve during the Bush/Cheney era? None. Even when there was a Republican-led House, Republican-led Senate, and Republican-led White House? Yep, even then.